Good day, everyone, and welcome to the Q4 2013 Equifax Earnings Release Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Mr. Jeff Dodge. Please go ahead, sir.

Thanks, and good morning. Welcome to today's conference call. I'm Jeff Dodge, Investor Relations, and with me today are Rick Smith, Chairman and Chief Executive Officer; and Lee Adrean, Chief Financial Officer. Today's call is being recorded. An archive of the recording will be available later today in the Investor Relations section in the About Equifax tab of our website at www.equifax.com. During this call, we'll be making certain forward-looking statements to help you understand Equifax and its business environment. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from our expectations. Certain risk factors inherent in our business are set forth in filings with the SEC, including our 2012 Form 10-K and subsequent filings. In order to better understand our operating performance, it's important to remember that there were some unusual or infrequent items in the fourth quarter of 2012: the CSC acquisition fees, a pension settlement and certain unique income tax items, all of which were detailed in our fourth quarter release in February of 2012. In addition, there were some usual or infrequent items in the fourth quarter of 2013: the collection of certain reserved 2012 billings, a restructuring charge to realign our internal resources against our most important strategic opportunities and an impairment of our investment in Boa Vista Servicos, driven by reduced near-term market expectations for credit information services in Brazil and increased investment needed to fully integrate and capitalize on a longer-term opportunity. We will be referring to certain non-GAAP financial measures, including adjusted EPS attributable to Equifax, adjusted operating revenue and adjusted operating margin, that will be adjusted for certain items which affect the comparability of the underlying operational performance. Adjusted operating revenue excludes the collection of certain reserved 2012 billings. Adjusted EPS attributable to Equifax excludes acquisition-related amortization expense and the associated tax effects, as well as certain other items. For 2012, the excluded items are the aforementioned CSC acquisition fees, the pension settlement and certain special income tax items. And then for 2013, excluded items are the collection of certain reserved 2012 billings which occurred during the fourth quarter of 2013, the resource realignment charge and the impairment of our investment in Boa Vista. Adjusted operating margin excludes certain items. The items excluded for 2012 are the CSC acquisition fees and the pension settlement, which was a noncash charge. For 2013, adjusted operating margin excludes the collection of certain reserved 2012 billings and the resource realignment charge. These measures are detailed in our non-GAAP reconciliation tables included with our earnings release and also posted on our website. Also, please refer to our various investor presentations, which are posted in the Investor Relations section under the About Equifax tab on our website for further details. Now I'd like to turn it over to Rick.

Thanks, Jeff. And thanks to each and every one of you, excuse me, for the flexibility in working with us to move the call at a day we have experienced, as I think you've seen, a pretty severe storm down here. And those of you on the East Coast are experiencing a storm today, so I know it's difficult for you as well. So you're in our thoughts as you get through the storms the next few days. Jeff's kind of preamble there is obviously longer than normal. It's due to the fact that we've had a number of moving parts in the quarter and it's our desire to give you as much transparency as possible, hence, Jeff's comments. And also what I'm going to do here is before I get into the details of the quarter and the business unit performance, I want to reflect back on the last conversation we had together, which is for the third quarter 2013 call. We talked about the outlook for fourth quarter 2013 and we gave you some insight into our expectations for calendar year 2014. So if you wind back to our last call, we thought fourth quarter revenue would come in between 6% and 8%. We delivered at 7% reported and 8.4% constant dollar growth. We also said that organic nonmortgage market growth would come in at the upper end of our 6% to 8% targeted range, and we delivered 8.1%. So 2013 very much came in line as we expected. As I said back on the last call, we talked about 2014, we said mortgage would face strong headwinds in the first half of the year, lessening headwinds in the back half of the year and that seems to be holding up pretty much as we expected, and Lee…

Thanks, Rick, and good morning, everyone. This morning, I'll be referring to the financial results from continuing operations generally presented on a GAAP basis. As we mentioned at the outset of the call, we had a number of unusual or infrequent items, which impacted both revenue and operating income in the quarter. In order to facilitate your understanding of the operating performance for Equifax and its business units, we have prepared tables attached to the earnings release, which reflect our operating performance, excluding these unusual items. The non-GAAP reconciliations, which are also attached to the earnings release, provide a detailed reconciliation of these non-GAAP measures to their respected GAAP measure. Our fourth quarter performance was solid and very much in line with what we had expected. We have a couple more quarters where the mortgage headwinds will challenge us, but so far, it's playing out pretty much as we'd expected. Looking at the quarter's results. Compared to the same quarter in 2012 for the fourth quarter of 2013, consolidated revenue of $579 million was up 8% on a reported basis. Adjusted operating revenue, which excludes the impact of the collection of certain reserved 2012 billings, was $571 million, up 7% and up 8% on a constant currency basis when compared to the fourth quarter of 2012. Operating margin was 26.6%. Adjusted operating margin, which excludes the collection of certain 2012 billings and the resource realignment charge, was 27.4%, up 190 basis points from last year's adjusted operating margin, driven primarily by operating margin expansion, Workforce Solutions and Personal Solutions and lower corporate expenses as a percent of revenue. Diluted earnings per share attributable to Equifax was $0.62. Excluding acquisition-related amortization and associated tax effects, the collection of certain reserved 2012 billings, the resource realignment charge and the impairment of our…

Thanks, Lee. And we started 45 minutes ago talking about a number of moving parts and it was our intent to provide you with a new level of transparency and insight to 2013, 2014 and as Lee also gave us, an insight into 2015, so hopefully you felt we met that expectation. So let me summarize before we go to Q&A. Despite the headwind in 2013, our strategy and execution delivered an impressive broad-based performance, and the business model continues to be sound and the strategy we've been executing against continues to offer attractive growth opportunities. The road map that Lee just gave you details the transitional nature of 2014. We fully expect to exit this year with very good momentum, positioning us for stronger performance as we enter 2015. Given our outlook for 2014, we have increased our dividend 14% to $1 per share per year. This represents what we expect to be a payout ratio at the upper end of the board's policy, which, if you'll recall, is 25% to 30% of our net income going back in the form of a dividend. So in summary, for 2014, core organic nonmortgage growth of 6% to 8% remains solid and within the model we've given you over the past few years. The mortgage market performance will be as we anticipated and as we've communicated to you in the past year. Foreign exchange is a headwind this year, but should abate as the world economies stabilize in the future. And we should move up to an 8% to 10% revenue growth range in the back half of 2014. And we should be aided by the mortgage market returning to growth latter part of this year and into 2015. So with that, operator, we'd like to open it up for some questions.

[Operator Instructions] And we will take your first question from George Mihalos from Crédit Suisse. Georgios Mihalos - Crédit Suisse AG, Research Division: Just looking to reconcile some items. You called out a 32% decline in mortgage-related revenue for Workforce Solutions. For mortgage-related revenue, Mortgage Solutions was down about 14%. Why wouldn't we see those 2 numbers kind of converge a little bit more? Why is Mortgage Solutions sort of outperforming Workforce there?

I'll jump in, then Lee can give you some details, George. It's a couple things, one is the 1% in USCIS then moved to 14% was for mortgage reported revenue, so it's 1% including CSC. If you exclude CSC, it's the 14% that you alluded to. That's just mortgage reporting that's online. There's other mortgage-related revenue streams that were not captured in the 1% or the 14%, that's number one. Number two, as we always say, there's some timing differences between EWS and USCIS. Number three, we've been at the differentiated products in mortgage longer in USCIS, things like UDM and others, than we have in EWS. So we don't break that detail up. But if you were to normalize it, you'd probably find USCIS total mortgage, when you exclude CSC, is closer to that of what you saw in EWS.

Yes, and just, George, I would add that pure tri-merge activity within mortgage services was down in the low to mid-20s. And the difference between that and the 14% organic was some of the newer information analytic-based products that we sell into the mortgage market that are actually still gaining traction and increasing share even in a declining market. So just the pure market activity effects are a lot more similar than the headline numbers would make it appear. Georgios Mihalos - Crédit Suisse AG, Research Division: Okay, that's great color. And then just sort of moving on, if you can sort of update us as to your expectations around the CMS contract for 2014 and maybe how you're thinking about it beyond.

Yes, we're still very optimistic. Long term, this is going to be a great revenue generator for EWS and for Equifax. You've seen and read about all the trials and tribulations that the Affordable Care Act has had in rolling it out. There are a number of things that Dan and his team are trying to do now to help the CMS get to a greater coverage. We call it Tier 2. We continue to get very excited about the analytics that eThority is bringing to the table. So it's not a huge number that we're anticipating in 2014. It'll be bigger than 2013. I'm hopeful, as we exit 2014, this thing starts to click in 2015 and deliver some really, really good revenue for us. Georgios Mihalos - Crédit Suisse AG, Research Division: Okay, great. And just the last question for me. I know you called out acquisitions in aggregate, but can you comment a little bit more on the contribution from the TDX acquisition? I know it was $90 million in '13. Is that going to be somewhere around $100 million of revenue contribution for '14?

Yes, that's a reasonable estimate.

We'll take your next question from Andre Benjamin from Goldman Sachs.

My first question, what is the magnitude of incremental revenue opportunities specific to some of the new verification products that you rolled out in the auto vertical? And do you have any more products in the works there, or you're pretty much done? Are there some other verticals that you see as low-hanging fruit or good near-term opportunities?

Thanks, Andre. Now the verification opportunities in the auto D360 solutions we just launched, you should think of those as being incremental margin, very much like the rest of the work, very, very high margin. And as I alluded to D360 in general terms, I can't remember the number now, but we have double-digit pipeline of D360 that we'll be launching in 2014. So that robustness of NPI -- new revenue from NPI and Verification Services and beyond will continue.

Okay. And then in terms of the North America Commercial Solutions segment, in terms of the small medium businesses, talk a little bit about what the competitive dynamics you're seeing there, what's your current level of commitment and investment to that segment versus some of the others that you talk a little bit more about and maybe where some of the successes gaining share are versus not.

Yes, good questions. We're as committed to Commercial as we are any other business. We don't talk about it as much because it's a smaller business, Andre, as yet. But we continue to invest. We have mentioned an acquisition, small tuck-in acquisition we just made for Commercial. We invest in platforms, we invest in new products, we invest in people. So it's a market that's always going to be there. It's going to go through cycles like the consumer pieces, but I think it's important for us as a business to continue to build out a sizable successful commercial business to augment what we do on the Consumer side.

We'll move next to Paul Ginocchio from Deutsche Bank.

Just a question about Brazil. It looks like the charge is about 27% of the book value. It seems pretty significant. Has it been a marked slowdown to start the year in Brazil? Or is it more just about the reorg and the investment opportunity you need or the investment you're making to capture the opportunity there?

Sure, Paul. It's both. The only caveat I'd give to your question was it's not just the recent slowdown. If you look back the last couple years, the GDP has slowed, the use or the demand of credit products has slowed. If you follow experience, historical growth patterns in Brazil, that's a good proxy for what the market sees. We obviously don't disclose that level of detail because we don't consolidate Brazil, but there's no doubt that the U.S. -- or the Brazilian economy has slowed. Secondly, we are investing, as you noted, and we've talked about now for a number of years in 2 -- 3 very important areas. One is integrating the core platforms in which we operate, which is important to do. It simplifies and shortens your time to market for new products. That's a heavier investment than we anticipated early on. We're also investing in positive data capabilities in IT. That's still maybe multiple years away, but it's important we invest now so that when the country embraces positive data, we're in a position to jump on that. And third is we'll continue to invest in sales people, sales processes. I was just down there with Paulino late last year; we are still committed to Brazil. I think it's a place we've got to keep our pulse on and stay actively engaged. I believe in what Boa Vista is doing, combined with TMG and our leadership. So while it was a write-down, a noncash write-down for the fourth quarter, we're still committed short term and long term in Brazil.

I appreciate it. And maybe just a little quick one. Has been an even further slowdown into the first quarter?

I don't have any data on the first quarter this time. I think if you look throughout 2013, you'd see the year continue to slide throughout the year in Brazil.

Moving on to Andrew Jeffrey from SunTrust.

Just trying to catch my breath after that. Rick, lots of moving pieces. Can I just have you summarize, if you look at the business from 30,000 feet, when you look to '14 versus, say, where we were a year ago, core business, noise notwithstanding, better, worse, the same as far as the growth and profitability profile of Equifax compared to 12 months ago?

I'd say better for these reasons: So the core business, the core organic nongrowth business, is as solid today as it was a year ago. And I think we'd all agree last year was just a great year, building on a great year in 2012. And 2014 and 2015 will be solid. It is better for this reason. TDX is a strategic acquisition that gives us capabilities that we didn't have before. It will start to monetize, I think, in very meaningful ways at the back end of this year and into 2015. They connect capabilities to new geographies, existing customers in new geographies, I'm very hopeful that, that is going to bode very well for us long term. The other point I'd make is we get smarter and smarter every day in this verticalization and enterprise selling that we're doing through USCIS. Andrew, I know you know this, but we've taken the commercial products, we've taken the verification deployment products, verification income products and all the products we had to bear to our core customers in the U.S. and differentiating our offering from anyone else. So we've been at that a couple of years. Each and every day goes by, that gets better and better.

Okay. So if TDX is your call-out in terms of incremental excitement in '14, when you look at the core business beyond the acquisitions, what are the things about which you're the most enthusiastic?

I just think the execution the team has delivered now for 4 or 5 years in a row continues to hum, such things like NPI. If the verticalization that we have, if you've seen some of the leases we've had, for example, in auto, that is a true differentiator that no one else has done. We get smarter and smarter. In other words, we get domain expertise in each of these verticals, and that in itself isn't a solution. Anybody could do that. It's taking that vertical expertise with the unique data assets we have to accelerate growth and with that, obviously, the D360 is another thing that really excites me this year.

Okay. So auto has been a pretty important share driver for you.

Yes.

Lee, just a couple of housekeeping questions, if I may. What do you anticipate the net acquisition-related weighted amortization to be this year?

Andrew, I don't have that off the top of my head. I would have -- we'd have get back to you on that.

Suffice to say it's up?

It's a significant number, yes.

Yes, okay. And as far as the tax rate is concerned, you called out the FX headwinds. You called out the mortgage headwinds. Do you have a sense of what the higher tax rate is costing you just in terms of reported earnings?

Yes, that's actually a couple of cents a share. I mean if you take from 35.6%, call it, to the midpoint of the 36%, 37%, 0.9 point on $500 million to $600 million of pretax, you're talking $0.03, $0.04 a share.

Okay. And finally, puts and takes notwithstanding again, and this may be more of a question directionally as we look to '15, is there still some operating leverage left in the business? I mean, I guess I'm thinking more about EBITDA because of all the intangibles amortization now.

Yes, it's a great question because it'll get muddied through the acquisitions in 2014, even on the EBITDA line as well, because of some initial expenses we incur as we integrate companies. But both on an operating margin basis, and what I'd call, cash margin, it's not EBITDA margin, but cash margin the way I look at it would be operating profit adding back just the acquisition amortization. Both of those measures will get better on our core business in 2014 if you take out the acquisitions. So the underlying model remains intact. And then as we have some experience with those new businesses, we will expect those partly through expense management, but a lot of it from revenue leverage, given the growth prospects of those businesses, those will start contributing to widening. So yes, I think the margin model is intact.

[Operator Instructions] We'll move next to Manav Patnaik with Barclays.

Can I just ask on the margin side, I think you said for the full year, it's going to be flat to slightly down. Are there any specific within the segments that you'd need to call out in terms of any directional moves that will be different than what we've expected in the past?

Let me jump in with a general. We always do give some more color. It's largely being driven by the fact that you've got some acquisitions coming on with increased revenue, and in the first year, not adding a lot of profit. We call that as being nondilutive, so that's putting a little bit of margin pressure. The fundamentals of each of the 5 business units from a margin perspective are largely intact. You have slight movement quarter-to-quarter and year-to-year for each of the business units. But at the company level, most of it's being driven by adding the revenue we're getting from TDX and Inffinix without adding profit to the bottom line. Lee, anyone else you'd add?

Yes, Manav, I think the key place you'll see some downward margin movement, and it's because of the acquisitions, is going to be International. That's where the bulk of the acquisitions have occurred. And you'll see that affect International margins by a couple hundred basis points.

Okay. And then just sort of big picture, Rick. I think you mentioned, I guess, it was 47 new products this year. I think in the past, you've been in the mid-60s range, not that, that number sort of means a lot from a year-over-year perspective. But just on your NPI targets, 10% I think was your range. Just your comfort level with all the good work that you've been highlighting. Is that becoming a conservative target? Or do you still stick around in that 10%?

I still think the 10% makes sense. Let me allude -- I'll give you some more color in a second. The 47 I'd mentioned in my opening comments, one of the things we had done is kind of re-energize and we've done this a couple of times now with NPI -- with a focus on NPI. One of the things we decided to do very intentionally in 2013 is focus on a fewer larger products. We've traditionally been in the 65 to 70 products per year, so our goal is to reduce that. We didn't target 47 specifically, but a reduction in larger, more meaningful price, and that's what you saw last year. Revenue was up 18% year-on-year from NPI. So extremely healthy year. And long term, yes, I still see a Vitality Index of 10% is kind of the right range for us. You're going to have ebbs and flows as you sunset large classes 1 year. Maybe the next year you don't have large classes you sunset, so you'll be above the 10%. Yes, I think 6, 7, 8 years into NPI, that 10% number still makes sense.

And it becomes 10% of a larger number as you might guess, obviously.

Yes, correct. Fair enough. And then just one last one. I was just wondering on the PSol side, you obviously have some headwinds out there with the data breaches and all those sorts of issues. But I was just curious on is there a potential tailwind now that a lot of these banks are giving the FICO score for free and then you get your free credit report? Does the combination of the 2 maybe have any impact on your underlying PSol business?

Yes, Manav, I think that's a great observation. I think the growth -- likely growth expectation for PSol probably is moderating, which helps us a little bit as you see more breaches out there. But you're right, the banks -- number one, the banks are under some pressure relative to the way they sell add-on products to their customers as a result of the way the regulators view any kind of cross-selling activities. And you're seeing an increased presence in the marketplace of some free models, which are based on lead generation for other products. So I think you might see a little bit more moderate growth in our PSol business over the coming year.

The flip side, Manav, which you don't really have the benefit of seeing, but we do, is the PSol business is gaining traction, accelerating at a faster growth rate outside the U.S. So the things that we're doing, taking PSol and all the great tools and capabilities that Trey has built again to Canada, U.K., now Latin America helps. And we're at the early days of really understanding what we can do and how far we can take TrustedID with a lot of capabilities for our partners, which as you know, is new to us as well.

We'll hear next from David Togut from Evercore.

This is Mike Landau in for David. Can you talk a little bit about the competitive landscape that TDX would participate in when you bring the product to North America and maybe quantify the opportunity in that region?

Yes, Mike, you should know this, that one, we did a very -- one, let me back up. My comments kind of alluded to this. We had been working with TDX for about 2 years just really to get to know their culture, their people, their management, their pipeline, their capabilities. We did very thorough studies, brought consultants in to help us understand their uniqueness versus competition in the current footprint in U.K., Spain and Australia, as well as their uniqueness in countries where they were not, places like Canada and U.S. is 2 obvious ones. The second point I'll make there on TDX is we did not contemplate any acquisition or justification of the purchase price TDX coming to the U.S. or Canada at this juncture. There's enough growth short term in the next couple years to grow nicely in the current footprint. We will very systematically think through the launch plan. In fact, I've chartered Paulino and Rudy Ploder with putting that launch plan in place by the end of this year so we can really understand all the nuances of who's in the U.S., who's in Canada and how you systematically make this thing work in those 2 countries, but the business has to stand on its own merits in the current geographical footprint.

Great. And then I know you had a quick comment on acquisition-related amortization expense. Would you have an idea of the impact of just TDX to that number?

Yes. I'm sorry, I do not have that with me.

Moving on to Jeff Meuler from Baird. Jeffrey P. Meuler - Robert W. Baird & Co. Incorporated, Research Division: Actually a follow-up on the NPI and Vitality Index. Rick, should we think about -- looking back over the last couple of years, is this -- is the Vitality Index kind of the accumulation of a lot of singles and doubles? Or are there any triples and home runs that you guys have hit that you can discuss?

Yes, it's great. I kind of think about home runs as transformational from a revenue respective. If that's how you define it, which is how I do define it, those are few and far between. I think I've got a lot more singles and a lot more doubles financially. However, what you can find is there are some things that disrupt the marketplace that, over time, will allow you to get additional revenue streams from add-on products, if you will. So trying to chase the home runs, I think, is a bit of a gamble. That's why you see us in the range of 47 products last year up to, I think our high ever was maybe 70-something. If there were home runs, you'd find these being in 5, 10, 15 kind of products. So that's a big risk.

Okay. And then on the Key Client Program, it seems like you continue to add clients 1, 2 at a time. It's still a relatively small number. It seems like it's going well. I guess just why not roll it out faster? Is it just that you need to add headcount to that organization? Or is it that there's only, call it, 10 to 20 potential accounts that could get slotted into there?

Good question, probably requires some clarification. Think about KCP under the same banner as verticalization. It is no different. So I go back I think it was 2007 or so in the recession, we were looking at the banking sector and said, "What might the banking sector look like postrecession versus pre, the emergence of 4 very large powerful banks seemed inevitable. I wasn't confident in our positioning with all 4 of those banks at that time, so we created KCP at that time. We then added on larger, more strategic accounts, 2 examples I just talked about, that is now 8. But beyond the KCP accounts, we've got vertical focus now in mortgage. We've got vertical focus in auto, we have vertical focus in telco, probably missing a few more as well. Retail banking. So verticalization, in total, of which KCP is one element, has really transformed our go-to-market approach over the past 6 years. And KCP is one piece of that, and that's working very well.

By the way, if I can tag a completely unrelated comment on to that. I've had -- we've had 2 questions about acquisition-related amortization. I've been shuffling through my papers here, and I would tell you that the acquisition -- in total, acquisition-related amortization looks like we'll be up around $15 million to $18 million year-over-year. Again, the biggest impact will be in our International business. That $15 million to $18 million is actually a net number because we'll be down some and we'll see some benefit in Workforce Solutions as we complete the amortization of certain assets from prior deals, but the net for the company will be up $15 million to $18 million.

We'll move on to Shlomo Rosenbaum from Stifel. Shlomo H. Rosenbaum - Stifel, Nicolaus & Co., Inc., Research Division: I just wanted to focus a little bit more about the demand in the core markets. You're seeing Consumer Financial Marketing has had very good growth for the last 3 quarters. Is this -- are you guys working out kind of the concerns that the banks had in terms of using the IXI data? Or is it really that you're seeing good pickup in the core kind of marketing for -- to consumers within various aspects of the business that's much more related to what I would say kind of the core business?

Yes, I think it's a combination of both, Shlomo. We have new leadership in IXI. That, combined with our legal team really working with customers, understand what the regulation really means, it doesn't mean it has helped. You're also seeing the prescreen business continue to increase. That entire Bancard business is up 8% to 10% per year, which is low, so well below the prerecession highs of pre-2009. But yes, we're clearly getting market base momentum, market share gains and improvement in IXI. Shlomo H. Rosenbaum - Stifel, Nicolaus & Co., Inc., Research Division: So if I wanted to isolate the market share gains that you guys are doing over there, would you say that we're starting to see the banks, excluding the auto that everybody's talked about, just on the credit card thing, are they loosening up the credit standards? Or is it a matter that you guys are able to go ahead and help them dice the market better because of your analytics and unique data, and therefore, you're getting better growth there?

It's a combination of both. For example, there's no doubt that the banks are getting a little more aggressive in their lending standards. For example, if they're going to be more aggressive in auto, go down the store chain, they're requiring a larger down payment or deposit upfront. So they're all looking for ways to grow in a reasonable risk base, and our ability to help them make those decisions with our Decision 360 helps us differentiate and gain share. Shlomo H. Rosenbaum - Stifel, Nicolaus & Co., Inc., Research Division: Okay. And just in commercial, can you just give us a little bit more detail? You had 3 really solid quarters and then a quarter where things dropped down. I know that things kind of bump around. Is it really project-related revenue timing? Or is there anything changing underlying in that market?

It's -- I don't think there's any underlying. It's so small, and this is not in a derogatory sense. It's a small business, Shlomo, so going from -- I don't have the math in front of me -- going from, I think, it was negative 3% in the fourth quarter, deposit at 10%. It is a small swing in total dollars. So you could have nuances and movement quarter-to-quarter. I pay more attention to the long-term trajectory of the business and I still remain committed that, that is a growth business for us and it did grow 7%, yes, in 2013. Shlomo H. Rosenbaum - Stifel, Nicolaus & Co., Inc., Research Division: And then in light of what you're seeing in PSol, can you give us more long-term expectations? Have you -- the revision that you guys have in your own mind in terms of what to expect of growth over there over the multiple years.

Yes, I can't remember the growth model we provided for PSol long term.

Upper single digits.

Long term with a margin profile of x?

The margin profile, mid to upper 20s.

So I think, Shlomo, that long-term model still exists. Even though there may be some pressure and you've seen PSol growing at the upper end outside that range for a number of quarters, if not years, you're seeing some moderate slowdown and we expect that to continue. The regulatory environment is unknown. So our challenge is to find ways to continue to innovate, take trusted ideas in levels. And I still think we're in that long-term model we told you guys a number of years ago, upper single digits in the margin profile that we talked about. Shlomo H. Rosenbaum - Stifel, Nicolaus & Co., Inc., Research Division: Okay. There's really -- it's just a bit of coming from maybe above that range to just within that range. That's all we're talking about here?

That's a great way to think about it.

[Operator Instructions] We'll move next to Bill Warmington from Wells Fargo.

So Rick, I had a question for you. You've thrown out the Vitality Index being 14% of revenue for International. Did you give that also for the company as a whole?

I did not. I think what I talked about was the entire revenue was up about 18% year-on-year. I think the Vitality index is around 9%, if I remember right, Bill.

Okay, about 9%, currently, okay.

Yes, for 2013.

Got it. And then, Lee, the CSC had provided some pretty healthy revenue and margin benefits in 2013. Can it continue to help performance in 2014? Is there more juice in the lemon, so to speak?

Well, I think that we've captured most of the margin benefit, the first quarter will still be advantageous year-over-year because we had some initial expenses in integrating CSC in the first quarter last year. The -- now I think we're into the steady process within USCIS of driving a little bit of growth every quarter and getting them to perform fully at the levels that we think is possible. That's much more of a steady year-by-year effort.

Got it. And then I wanted to ask about the collections market today in terms of what's the opportunity there for Equifax. It's a place where you've been making investments, Inffinix, TDX. I've always thought of it as being a fairly mature market. I mean, some people call it the second oldest profession, so...

That's good, Bill. Think about it this way. It's servicing our -- one, we're in collections today, and I think you know that we do collections in many geographies around the world. It's an important offering we must have for our customers; two, think about TDX is kind of a SaaS model, which is really our sweet spot, that's what we do. Think about it as Analytics and Technology platforms as right what we do today. So they are a very, very powerful player in the U.K., having great early successes in places like Spain. So I am confident we can bring that capability with our bigger pipes. We've got far bigger distribution network than they do, growing their capabilities for our current customers and new customers in a model that's very financially friendly to us, SaaS model. And think about Inffinix as a little different. If you know our vernacular, you find TDX more akin to InterConnect. It's sophisticated, it's upper end in its capabilities. That's TDX. If you think of a decisioning platform we have across Central and South America, Experto, it really fits those market needs. Inffinix is more like an Experto for us, so it's the same concept there. They're good really in Mexico plus a few other countries. We've got the largest footprint in Central and South America. We can bring their product through our pipeline to our customers and add value.

Got it. And now last question was, helping banks comply with regulation as a revenue driver, getting better, weaker, flat?

Early stages but hopeful, and I think if we are -- as an industry, including banks, long term, going to successfully navigate the regulatory environment, we're going to have to do it as partners. And that's our intent, was to reach out proactively to some of the larger banks out there last year and proactively help them because if we can help them become more compliant on data accuracy, as an example, that helps us. So early stages.

Brett Huff from Stephens Inc.

Two questions. One is on the restructuring, you haven't talked much about that. Can you give us a sense of where the restructuring happened? And I'm less concerned about the current period costs and I'm more interested in what are the benefits in terms of better margins? Will we see them -- where will we see them? And when will we see that?

Yes. I'll take a crack at it and Lee, I don't know if you would, please. One, in the scheme of things, the size of restructuring we took is relatively de minimis. We take restructurings and repositionings very, very seriously because it impacts people's and families' lives. But the economic environment in which we operate isn't static. It's very dynamic. The opportunities you may have in one part of the world are not static, it's dynamic. So our challenge as leaders is to always make sure we are reallocating, repositioning our human capital resources and financial resources in order to get the best return. So it was nothing more than that and taking some areas that were offered lower growth and in cutting back expenses there and repositioning to higher growth areas. So that is a normal process in my 8.5 years here that we have done so many times over the 8.5 years. This is a little bit more meaningful and as we called it out as a non-GAAP item. As far as margin impact, Lee?

Yes. I mean, I think the other thing to about think our margins is that we continue to expect to grow our staffing over the course of this year. It will be at a modest rate and in line with a recognition of where our revenue for the year is going to grow. So this really is much more about realigning resources to where the best opportunities are. It helps us accommodate the softer revenue we'll see in the first half of the year. But for the year as a whole, you take our revenue growth, subtract a couple percentage points that has to go to salary increases, merit increases. That's going to give you just about what our headcount growth will be. And that's kind of consistent with the [indiscernible] model. So it's not really a margin-driving action so much as staying focused on where the returns are.

Okay. And then the second question is -- and people have asked a little bit about NPI already. But can you just give us a sense -- you've been added, I think you said 6 or 8 years with a very systematic way of hitting singles and doubles and hopefully getting some triples in there, too. What -- as you guys look forward, how much of NPI is going to come from sort of brand-new data sets versus analytics or add-on products for existing data sets, so we have a better idea of kind of what -- how proprietary some of those NPI revenues are?

That's an interesting way to ask. As you think about product, I'd say this. If you think of a continuum, I think the next 3 years, the greater NPI growth comes from mining the current unique data assets we have around the world more fully. There's a lot of juice, as someone had mentioned earlier on a comment, an earlier comment about juice left, and a lot of juice left in just mining the current data by taking those unique data assets to new verticals with unique data with unique domain expertise. The auto example is a prime example. We've had the wealth data -- or the employment data. We've had the income data. We've had all those data assets now for a few years. But getting domain expertise in the verticals, to focus on that and bring those through to deliver new products is an example. I think there's more opportunity over the next 3 years. We'll always go out looking for the next unique data asset. We've got a lot more we can still do and mine what we have today.

We'll hear next from Andrew Steinerman from JPMorgan. Andrew C. Steinerman - JP Morgan Chase & Co, Research Division: I was hoping you could make a comment about credit card applications. Rick, I definitely heard you talk about prescreening up in the quarter. Do you think that was just sort of Christmas holiday related? What's your sense of credit card application as we're going into 2014? Often, it's a very big driver for you, but it hasn't for a while.

Yes, I'd say it this way, Andrew. Since the lows, the trough of the recession, you're steadily seeing that increase, in the last couple years anyways, the upper single-digit range, and we expect that to continue. But still, I think I mentioned before, 39%, 38% below the prerecession peak. So nowhere close to what we were before the recession, but I expect it to continue in 2014 and up. Andrew C. Steinerman - JP Morgan Chase & Co, Research Division: Right. And you're not just talking about the prescreen, you're just talking about the follow-through where you get the application, you get the consumer credit report as well, right?

Yes, and I got to be -- the answer's yes, but I have not actually tracked the linkages we've done in the past between prescreen and credit file pool. I don't have that number off the top of my head. If you remember, there was a very strong correlation prerecession. I think it was 30- to 45-day lag between prescreen and credit file pool. That lag was impacted dramatically during the recession. I can't tell you exactly where it is today, but eventually, yes, prescreen leasing pools were up. Andrew C. Steinerman - JP Morgan Chase & Co, Research Division: All right. So it sounds like moderate recovery.

Yes. Thank you. And operator, I think that's about it. We're about 1/2 hour over our normal time unless you have one more question that has to be asked from the phone.

And at this time, there are no further questions in the queue. Mr. Dodge, I'd like to turn the conference back over to you for any closing remarks.

Okay. I want to thank everybody for their time and their interest in Equifax. And I think with that, we'll conclude the call. Thank you, everybody.

Again, that does conclude today's teleconference. We thank you, all, for your participation.